The unadjusted trial balance of Fugazy Investment Advisers at December 31, 2014, follows: Adjustment data at December
Question:
The unadjusted trial balance of Fugazy Investment Advisers at December 31, 2014, follows:
Adjustment data at December 31, 2014:
a. Unearned Revenue earned during the year, $ 500.
b. Office Supplies on hand, $ 1,000.
c. Depreciation for the year, $ 6,000.
d. Accrued Salaries Expense, $ 1,000.
e. Accrued Service Revenue, $ 4,000.
Requirements
1. Prepare a worksheet for Fugazy Investment Advisers at December 31, 2014.
2. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in account format.
3. Prepare closing journalentries.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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